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The following table summarizes the effect of the optional method of figuring the amount of self-employment income to be reported when all your earnings are from farm self-employment for taxable years beginning after 1965:
If the gross farm income is... |
And the net farm profit is... |
Then the self-employment income to be reported is: | |
---|---|---|---|
Regular method |
Optional method | ||
Under $600 |
Under $400 |
None |
None |
Under $600 |
$400 to $599 |
Actual net |
None |
$600 to $2,400 |
Under $400 |
None |
Two-thirds of gross |
$600 to $2,400 |
$400 to $2,400 |
Actual net |
Two-thirds of gross |
More than $2,400 |
Under $400 |
None |
$1,600 |
More than $2,400 |
$400 to $1,599 |
Actual net |
$1,600 |
More than $2,400 |
$1,600 and over |
Actual net |
Actual net* |
* Option cannot be used.
Last Revised: March, 2001
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Last reviewed or modified Monday Jan 14, 2008 |